What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to judiciary
- Referred to judiciary
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the general obligations law, in relation to tenant security deposits
Purpose
Prohibits the collection of administration expenses by a landlord and provides for the tenant to collect all interest paid on a security deposit or advance.
Summary of provisions
Section 1 of the bill amends section 7-103 of the general obligations law to remove the ability of a landlord to collect administration expenses on a tenant's security deposit and allows for a tenant to collect on all interest paid on the security deposit.
Existing law
Currently a landlord is allowed to collect, as "administration expenses" a sum equivalent to one per cent per annum upon a tenant's security deposit.
Justification
It is unjust for a landlord to have the ability to take one percent of the interest compounded by a tenant's security deposit. The security deposit is the tenant's money. Therefore it is only just that the tenant be allowed to keep all of his or her interest from that deposit.
Legislative history
New bill.
Fiscal implications
Minimal.
Local fiscal implications
Minimal.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.